Eco Survey exposes BJP's 'hyperbole' on economy: Congress

New Delhi: Hitting out the government led by Prime Minister Narendra Modi, Congress leader Randeep Surjewala has said that the Economic Survey 2018-19 has exposed BJP's hyperbole on the economy.

"The Economic Survey 2018-19 that was tabled in the Parliament on Thursday is truer than the multiple tall claims of the BJP government, even though it attempts to whitewash the massive failures and gross economic mismanagement of the BJP-led government in the past 5 years," Surjewala said.

"Economic Survey 2019 is pessimistic about the economy and makes a feeble attempt to wake up the ruling party from its deep slumber of inaction on the economic front," he further said.

While blaming the government for the rise in the unemployment rate, the Congress leader said, "There is no roadmap in the Economic Survey to deal with the massive unemployment problem, except token phrases like "supporting dwarf or smaller firms, to create jobs."

"Joblessness and unemployment is at a 45 year high at 6.1 per cent and after Lok Sabha elections, the BJP government has also officially endorsed NSSO figure that presented a grim picture of jobs in the country," he said.

Citing the reports of Centre for Monitoring Indian Economy (CMIE), Surjewala said that India's unemployment rate had touched 8.1 per cent as on June 25, 2019, softening marginally to 7.8 per cent later. Also, the workforce in the country has shrunk by 4.7 crore as 3.7 crore casual labourers and 3 crore farm labourers have lost their employment.

Cornering the government on GDP growth, Surjewala said, "The Economic Survey predicts GDP growth at 7 per cent for FY 20 without any foundation to sustain it. The survey does not predict any sector wise a growth projection as economic growth is at a 5 year low."

"Growth slowed down rapidly in 2018-19. In the four quarters, it was 8 per cent, 7 per cent, 6.6 per cent and 5.8 per cent. It will probably decline further in April-June 2019," he said, adding that the survey only reflects part of the deepening economic uncertainties and mismanagement inflicted by BJP on India.

Drawing the attention of automobile sector, Surjewala said, "The sector has recorded a 10-month consecutive de-growth in June 2019 and it's not expected to improve in the near future."

When fresh investments have plunged to a 15-year low, the claim of government to achieve a trillion dollar economy through private investment is unrealistic as the new public sector projects fell by 41 per cent year-over-year, which is lowest in 14 years.

Growth of exports has also fallen by 15 times in comparison to UPA as it has come down from 393 per cent during UPA regime to 26 per cent under Modi rule, he said, adding that 'Make in India' has virtually failed.

"Due to weak monsoon and persistent water scarcity have deepened agricultural distress in the country. The farm sector grew at 2.9 per cent in 2018-19 while agricultural wages grew at a mere 4.64 per cent in 2018 and 35 farmers have committed suicides daily.

In Maharashtra alone, 808 farmers have taken their lives so far in 2019," he said.